Root, Inc. (NASDAQ:ROOT) Receives Consensus Rating of “Hold” from Brokerages

Root, Inc. (NASDAQ:ROOT – Get Rating) has been given a consensus rating of “Hold” by the thirteen research firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $5.33.

Several research firms have issued reports on ROOT. Wells Fargo & Company cut their price target on Root from $6.00 to $5.00 and set an “equal weight” rating for the company in a report on Tuesday, January 4th. UBS Group dropped their price objective on Root from $6.00 to $2.00 and set a “neutral” rating for the company in a research note on Monday, February 28th. Morgan Stanley dropped their price objective on Root from $7.00 to $2.07 and set an “equal weight” rating for the company in a research note on Thursday, March 3rd. Zacks Investment Research raised Root from a “hold” rating to a “buy” rating and set a $1.75 price objective for the company in a research note on Wednesday, April 27th. Finally, Barclays dropped their price objective on Root from $3.00 to $1.50 and set an “underweight” rating for the company in a research note on Monday, February 28th.

In related news, Director Lawrence A. Hilsheimer acquired 28,735 shares of the firm’s stock in a transaction on Tuesday, March 1st. The shares were acquired at an average cost of $1.75 per share, for a total transaction of $50,286.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel H. Rosenthal purchased 100,000 shares of Root stock in a transaction dated Monday, March 14th. The stock was acquired at an average price of $1.52 per share, for a total transaction of $152,000.00. The disclosure for this purchase can be found here. 54.41% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Full18 Capital LLC purchased a new stake in shares of Root in the first quarter worth approximately $2,002,000. FNY Investment Advisers LLC grew its stake in Root by 2,000.0% in the first quarter. FNY Investment Advisers LLC now owns 21,000 shares of the company’s stock worth $41,000 after purchasing an additional 20,000 shares in the last quarter. Cedar Brook Financial Partners LLC bought a new position in Root in the first quarter worth approximately $30,000. BlackRock Inc. grew its stake in Root by 14.2% in the fourth quarter. BlackRock Inc. now owns 1,423,391 shares of the company’s stock worth $4,412,000 after purchasing an additional 177,443 shares in the last quarter. Finally, Goldman Sachs Group Inc. bought a new position in Root in the fourth quarter worth approximately $113,000. Hedge funds and other institutional investors own 34.34% of the company’s stock.

NASDAQ:ROOT opened at $1.93 on Monday. The stock has a 50-day simple moving average of $1.79 and a two-hundred day simple moving average of $2.84. Root has a 52-week low of $1.30 and a 52-week high of $14.70. The firm has a market capitalization of $490.22 million, a PE ratio of -0.97 and a beta of -0.14.

Root (NASDAQ:ROOT – Get Rating) last released its quarterly earnings results on Wednesday, February 23rd. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.49) by $0.05. The company had revenue of $93.20 million for the quarter, compared to the consensus estimate of $73.60 million. On average, equities analysts anticipate that Root will post -1.4 earnings per share for the current year.

About Root (Get Rating)

Root, Inc provides insurance products and services in the United States. The company offers automobile, homeowners, and renters insurance products. The company operates a direct-to-consumer model and serves customers primarily through mobile applications, as well as through its website. Its direct distribution channels also cover digital, media, and referral channels, as well as distribution partners and agencies.

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